A lot can happen in 9 months. You can birth a child, sprout a seed into a plant, or learn a new language. For CadRemit, it’s reaching a 10,000 customer base milestone in 9 months and processing over 75,000 in transactions, after it started with just 20 customers.
CadRemit broke into the cross-border payment market in 2023 with a fresh vision to help diasporans living in Canada send money to their loved ones in Nigeria. But it has evolved to facilitate tuition payments to Canadian schools, help travelers spend in the country’s local currency they're visiting, and enable business owners to make payments to vendors, contractors, or suppliers to keep their business going across countries, or even pay their remote staff.
Announcing the milestone in a statement, Olivia Okonneh, the Growth Manager at CadRemit, expressed her excitement about this new achievement mark, “It feels like yesterday when we just started with barely any customers. We have grown from 20 to 5,000, and now have 10,000 people who trust us with their transfers between Nigeria and Canada. We don’t have one million customers yet, but this is a huge feat for us, achieving this in 9 months is huge!”
Olivia also noted that the cross-border payment market is saturated, but what has helped the brand expand its footprint is the transparency of their services. The momentum came when a lot of people realized how great CadRemit rates are, there were no hidden fees- what you see is what you get, and especially fssor students, it seemed easy to pay for their tuition fee directly to any Canadian school of their choice, with instant payments and no wait time.
Another thing that stood out for CadRemit was how easy it was to onboard, the process is straightforward:
- Download the CadRemit app from your Google Play or IOS store or visit our website.
- Create an account and complete the required KYC verifications.
- Once verifications are complete, you’ll receive details for your CAD wallet and an account number for Naira deposits.
- Transfer money into the provided account via regular bank transfers. Naira deposits from your Naira wallet can be directly sent to a Canadian bank. Similarly, CAD deposits can be sent directly from your CAD wallet to any Nigerian bank.
What the future is looking like for CadRemit, Olivia says, is to keep giving Africans an alternative way to send money across countries without the hassle of regular banks. More than that, the ultimate goal is to pilot in other countries, although it’s a long shot, she’s hoping to see where the next few years take CadRemit.
